HP deals with recession with aplomb

By Incorrect Author• 24 November 2009

Hewlett-Packard, the world’s largest maker of computers and a bellwether stock for the IT industry, has reported classic “is the glass half-full or half-empty” results : profits were up 18%, but this disguises the fact that sales were down. The reason for the anomaly is that aggressive job-cuts and acquisitions boosted the company’s results for the three months to the end of September. Profit came in at $2,3 billion from $2,1 billion a year ago, and revenue was down 8% quarter on quarter. The company cut 6,700 jobs this year. HP, which bought Electronic Data Systems, for roughly $20 billion last year, remains on the acquisitions trail, and hopes to complete its $2,7 billion purchase of 3Com early next year.
Read more: BBC News